Frasers Centrepoint unit acquires 76.5% stake in German logistics facility owner for 20.5m euros

A UNIT of Frasers Centrepoint has agreed to acquire a 76.5 per cent stake, worth 20.5 million euros (S$32.1 million), in a German company that has freehold interest in an automotive logistics facility in Germany.

It said on Friday in a filing to Singapore Exchange before market open that Geneba Properties NV has, through its wholly owned subsidiary Geneba RE19 BV, entered into a conditional agreement to acquire the stake in Harder, Gutperle, Harder & Gutperle GmbH GbR.

The latter holds the freehold interest in the automotive logistics facility that comprises two industrial warehouses. It is leased on a long-term basis to a leading German car manufacturer, which uses the property for warehousing purposes and for reviewing, inspecting and sorting spare automotive parts.

The property is located in Interpark 10/22 in Offenbach an der Queich, between Karlsurhe and Mannheim in south-west Germany, and has a gross lettable area of 38,870 square metres.

The acquisition sum is based on the valuation of the property as at Dec 20, 2016 of about 22 million euros. The purchase price is payable in cash and funded from borrowings and internal resources.

Frasers Centrepoint's counter was down by one Singapore cent, or 0.54 per cent to close on Thursday at S$1.840.